"Save more money" is the top resolution for Americans this 2025, coming in at 45%.
SoFi certified financial planner and head of advice and planning Brian Walsh joins Wealth host Brad Smith to discuss the idea of a "no spend" January and how people can adapt the challenge to help them save and build wealth.
"With this concept, it's the idea that you set rules" to challenge yourself to restrict your spending, Walsh says. He explains that a no-spend challenge can look different from person to person, with some limiting all non-essential spending, while others may target specific non-essential categories, like eating out or traveling.
Walsh says a no-spend challenge can "really kind of reset your habits" and allow you to implement spending habits more aligned with your goals. He outlines three tips for accomplishing a no-spend challenge: creating specific and realistic rules, identifying spending triggers, and avoiding bulk spending ahead of the challenge.
"I love this concept because it seems simple, but the underlying ideas behind it can really carry you forward for the rest of the year," Walsh says, adding that a no-spend challenge can be an opportunity to practice important skills like breaking down big goals, feeling the accomplishment of achieving small goals, and accessing your behavior.
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This post was written by Naomi Buchanan.